Thread by @malteseinvest

Analysis: #NYSE $WFC

Case 341 #Wells_Fargo & Company

DISCLAIMER: The analysis is strictly for educational purposes and should not be construed as an invitation to trade.

#WFC 1/4

Chart 1
Monthly Chart: Long term damage was done to uptrend with the strong closes below the 2016 pivot, #SMA 200 and channel base at 44.28, 38.82, 35.73 respectively. Support was found at the #Fib. 0.618 and .....

WFC 2/4

..... 2010 #pivot 26.37-25.55. Further down we see a major #support zone of 12.10 - 5.44 made up from the 30 year #trendline support and Fibs. 0.886 and 0.942.

WFC 3/4

Chart 2
Daily Chart: A small triangular range has developed between 33.78 - 22.53 - a close below the latter will target 15.52-12.15 quickly.

The #Strategy is printed on the image.

$WFC 4/4